CN-550000-ASG37-S0010200.pdf
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- Contract number
- ASG37
- Issued by
- Florida
About this file
This document is a First Amendment to a State-Funded State Infrastructure Bank Loan Agreement between the State of Florida, Department of Transportation and the State of Florida, Department of Transportation, District I. The amendment modifies the original loan agreement initially executed on March 19, 2019, involving the Florida Department of Transportation (the Department) and its District I (the Borrower).
The loan involves a state road project (State Road 82) with a total loan amount of $24,935,361.90, which has been fully disbursed across fiscal years 2019-2021. The loan disbursements were made in multiple increments, with key disbursement amounts including $662,490.02 in FY 2019, $20,132,846.11 in FY 2020, and $4,140,025.77 in FY 2021. The repayment schedule shows annual payments starting in fiscal year 2021/22, with $575,848 paid in 2021/22, $10,415,322 in 2022/23, and the final payment of $13,944,191.90 in 2023/24, resulting in the complete repayment of the loan principal. Notably, the loan carries a 0.00% interest rate, and payments are to be remitted to the State Board of Administration of Florida.
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FLORIDA DEPARTMENT OF TRANSPORTATION, DISTRICT I
FM # 425841-2-A8-01
FIRST AMENDMENT
TO STATE-FUNDED STATE INFRASTRUCTURE BANK LOAN AGREEMENT
BETWEEN THE STATE OF FLORIDA, DEPARTMENT OF TRANSPORTATION AND
THE STATE OF FLORIDA, DEPARTMENT OF TRANSPORTATION, DISTRICT I
THIS FIRST AMENDMENT TO STATE-FUNDED STATE INFRASTRUCTURE
BANK LOAN AGREEMENT (“First Amendment”) is between the State of Florida, Department of Transportation (the “Department”) and the State of Florida, Department of Transportation, District I (the “Borrower”), and is effective as of the date last signed.
RECITALS
A. The Department and the Borrower entered into a State-Funded State Infrastructure Bank Loan Agreement with an Agreement Date of March 19, 2019 (“Original Agreement”), under which the Department agreed to make a loan to the Borrower in the maximum amount of Thirty-Four Million, Nine Hundred Fifty-Five Thousand, Nine Hundred Seventy-Eight and 00/100 Dollars ($34,955,978.00) for the Project defined in Subsection 1.01(16) of the Original Agreement.
B. Terms not defined in this First Amendment shall have the meaning provided in the Original Agreement.
C. The Borrower has completed the Project and the total amount of the Loan disbursed to and expended by the Borrower on the Project is Twenty-Four Million, Nine Hundred Thirty-Five Thousand, Three Hundred Sixty-One and 90/100 Dollars ($24,935,361.90).
D. Pursuant to Section 7.04 of the Original Agreement, this First Amendment is being entered into to reflect the final Project costs and the total amount of the Loan.
AGREEMENT
The parties agree the terms of the Original Agreement are amended as follows:
1. Subsection 1.01(12) of the Original Agreement is amended and restated to read:
(12) "Loan" means the loan made to the Borrower pursuant to this Agreement and the State Act in the principal amount of Twenty-Four Million, Nine Hundred Thirty-Five Thousand, Three Hundred Sixty-One and 90/100 Dollars ($24,935,361.90).
2. The Loan has been fully disbursed to the Borrower. No further Disbursement of the Loan will be made.
DocuSign Envelope ID: A24B3970-411B-4CA2-9D07-98708983D6E1
3. Exhibit B is deleted in its entirety and replaced with Exhibit B attached to this First Amendment.
4. Other than as modified by the terms of this First Amendment, the terms of the Original Agreement remain unchanged.
5. This First Amendment may be executed in counterparts.
The parties have executed this First Amendment on the date(s) below:
STATE OF FLORIDA, STATE OF FLORIDA,
DEPARTMENT OF TRANSPORTATION DEPARTMENT OF TRANSPORTATION
DISTRICT I
By: ________________________________ By: ________________________________ Kevin J. Thibault, P.E. L.K. Nandam, P.E.
Secretary District Secretary
Date: ______________________________ Date: ______________________________
Legal Review
08/04/202108/06/2021
EXHIBIT B
Loan Disbursement/Payment Schedule
State
Fiscal
Year
Date Beginning
Balance
Estimated/Act ual
Disbursement
Capitalized
Interest
Interest
Accrued at
0.00%
Balance Including
Interest
Repayment to
Principal
Repayment to Interest
Total
Repayment Ending Balance
3/27/2019 $0.00 $2,244.36 $0.00 $2,244.36 $0.00 $0.00 $2,244.36
5/10/2019 $2,244.36 $1,189.26 $0.00 $3,433.62 $0.00 $0.00 $3,433.62
5/24/2019 $3,433.62 $8,140.80 $0.00 $11,574.42 $0.00 $0.00 $11,574.42
6/19/2019 $11,574.42 $650,915.60 $0.00 $662,490.02 $0.00 $0.00 $662,490.02
7/10/2019 $662,490.02 $41,703.14 $0.00 $704,193.16 $0.00 $0.00 $704,193.16
7/12/2019 $704,193.16 $10,404.75 $0.00 $714,597.91 $0.00 $0.00 $714,597.91
7/31/2019 $714,597.91 $1,510,961.12 $0.00 $2,225,559.03 $0.00 $0.00 $2,225,559.03
8/2/2019 $2,225,559.03 $85,611.87 $0.00 $2,311,170.90 $0.00 $0.00 $2,311,170.90
8/23/2019 $2,311,170.90 $102,463.41 $0.00 $2,413,634.31 $0.00 $0.00 $2,413,634.31
8/29/2019 $2,413,634.31 $1,525,436.95 $0.00 $3,939,071.26 $0.00 $0.00 $3,939,071.26
9/6/2019 $3,939,071.26 $6,096.52 $0.00 $3,945,167.78 $0.00 $0.00 $3,945,167.78
9/13/2019 $3,945,167.78 $1,384.41 $0.00 $3,946,552.19 $0.00 $0.00 $3,946,552.19
9/25/2019 $3,946,552.19 $1,687,372.66 $0.00 $5,633,924.85 $0.00 $0.00 $5,633,924.85
10/7/2019 $5,633,924.85 $131,539.58 $0.00 $5,765,464.43 $0.00 $0.00 $5,765,464.43
10/23/2019 $5,765,464.43 $110,249.16 $0.00 $5,875,713.59 $0.00 $0.00 $5,875,713.59
10/30/2019 $5,875,713.59 $2,440,536.44 $0.00 $8,316,250.03 $0.00 $0.00 $8,316,250.03
11/18/2019 $8,316,250.03 $9,025.20 $0.00 $8,325,275.23 $0.00 $0.00 $8,325,275.23
11/20/2019 $8,325,275.23 $1,583,262.77 $0.00 $9,908,538.00 $0.00 $0.00 $9,908,538.00
11/21/2019 $9,908,538.00 $116,101.97 $0.00 $10,024,639.97 $0.00 $0.00 $10,024,639.97
12/24/2019 $10,024,639.97 $10,250.28 $0.00 $10,034,890.25 $0.00 $0.00 $10,034,890.25
12/27/2019 $10,034,890.25 $1,859,988.28 $0.00 $11,894,878.53 $0.00 $0.00 $11,894,878.53
1/22/2020 $11,894,878.53 $945.42 $0.00 $11,895,823.95 $0.00 $0.00 $11,895,823.95
1/27/2020 $11,895,823.95 $241,147.65 $0.00 $12,136,971.60 $0.00 $0.00 $12,136,971.60
1/29/2020 $12,136,971.60 $1,119,695.79 $0.00 $13,256,667.39 $0.00 $0.00 $13,256,667.39
2/21/2020 $13,256,667.39 $135,550.55 $0.00 $13,392,217.94 $0.00 $0.00 $13,392,217.94
2/26/2020 $13,392,217.94 $1,860,587.20 $0.00 $15,252,805.14 $0.00 $0.00 $15,252,805.14
3/20/2020 $15,252,805.14 $102,125.96 $0.00 $15,354,931.10 $0.00 $0.00 $15,354,931.10
3/25/2020 $15,354,931.10 $880,565.59 $0.00 $16,235,496.69 $0.00 $0.00 $16,235,496.69
4/29/2020 $16,235,496.69 $1,617,266.72 $0.00 $17,852,763.41 $0.00 $0.00 $17,852,763.41
5/1/2020 $17,852,763.41 $1,962.88 $0.00 $17,854,726.29 $0.00 $0.00 $17,854,726.29
5/6/2020 $17,854,726.29 $117,036.45 $0.00 $17,971,762.74 $0.00 $0.00 $17,971,762.74
5/19/2020 $17,971,762.74 $2,476.10 $0.00 $17,974,238.84 $0.00 $0.00 $17,974,238.84
5/22/2020 $17,974,238.84 $1,832,173.82 $0.00 $19,806,412.66 $0.00 $0.00 $19,806,412.66
6/2/2020 $19,806,412.66 $144,681.46 $0.00 $19,951,094.12 $0.00 $0.00 $19,951,094.12
6/24/2020 $19,951,094.12 $844,242.01 $0.00 $20,795,336.13 $0.00 $0.00 $20,795,336.13
7/7/2020 $20,795,336.13 $105,688.28 $0.00 $20,901,024.41 $0.00 $0.00 $20,901,024.41
7/20/2020 $20,901,024.41 $113,364.70 $0.00 $21,014,389.11 $0.00 $0.00 $21,014,389.11
7/29/2020 $21,014,389.11 $836,204.73 $0.00 $21,850,593.84 $0.00 $0.00 $21,850,593.84
8/4/2020 $21,850,593.84 $17,735.37 $0.00 $21,868,329.21 $0.00 $0.00 $21,868,329.21
8/24/2020 $21,868,329.21 $123,090.42 $0.00 $21,991,419.63 $0.00 $0.00 $21,991,419.63
9/2/2020 $21,991,419.63 $711,589.60 $0.00 $22,703,009.23 $0.00 $0.00 $22,703,009.23
9/24/2020 $22,703,009.23 $87,282.29 $0.00 $22,790,291.52 $0.00 $0.00 $22,790,291.52
9/25/2020 $22,790,291.52 $607,950.28 $0.00 $23,398,241.80 $0.00 $0.00 $23,398,241.80
10/20/2020 $23,398,241.80 $78,961.91 $0.00 $23,477,203.71 $0.00 $0.00 $23,477,203.71
10/23/2020 $23,477,203.71 $635,448.00 $0.00 $24,112,651.71 $0.00 $0.00 $24,112,651.71
11/2/2020 $24,112,651.71 $16,241.48 $0.00 $24,128,893.19 $0.00 $0.00 $24,128,893.19
11/19/2020 $24,128,893.19 $668,626.06 $0.00 $24,797,519.25 $0.00 $0.00 $24,797,519.25
12/4/2020 $24,797,519.25 $88,112.23 $0.00 $24,885,631.48 $0.00 $0.00 $24,885,631.48
12/29/2020 $24,885,631.48 $38,161.02 $0.00 $24,923,792.50 $0.00 $0.00 $24,923,792.50
1/13/2021 $24,923,792.50 $11,569.40 $0.00 $24,935,361.90 $0.00 $0.00 $24,935,361.90
2020/21
D1 - State Road 82
2018/19
2019/20
2021/22 10/1/2021 $24,935,361.90 $0.00 $24,935,361.90 $575,848.00 $0.00 $575,848.00 $24,359,513.90
2022/23 10/1/2022 $24,359,513.90 $0.00 $24,359,513.90 $10,415,322.00 $0.00 $10,415,322.00 $13,944,191.90
2023/24 10/1/2023 $13,944,191.90 $0.00 $13,944,191.90 $13,944,191.90 $0.00 $13,944,191.90 $0.00
$24,935,361.90 $0.00 $0.00 $24,935,361.90 $0.00 $24,935,361.90
Interest begins accruing with the first disbursement and will accrue and compound annually each October 1 thereafter, until loan is completely repaid.
These calculations assume the following disbursement dates:
FY 2019 $662,490.02 *Contract#s C9517 (425841-2-62-08) - enc line 05
FY 2020 $20,132,846.11 E1R64 (425841-2-52-01) - enc lines 01/02/03/04/05/11/13
FY 2021 $4,140,025.77 CA260 (425841-2-62-01) enc line 01
If disbursements are made on dates other than those above, the interest calculations will be modified and this schedule updated according.
Total Loan Amount $24,935,361.90
Total Interest $0.00
Total Repayments $24,935,361.90
Remit Payment to:
Mailing Address: Street Address: Wiring Instructions:
State Board of Administration of Florida State Board of Administration of Florida The Bank of New York Mellon
Post Office Box 13300 1801 Hermitage Boulevard, Suite 100 ABA #: 021000018
Tallahassee, FL 32317-3300 Tallahassee, FL 32308 A/C #: 8059338400
A/C Name: Debt Service Funds
For: Florida State Board of Administration
Note on Payment for "FDOT SIB Loan - 425841-2-A8-01" Attn: Stephen Salvato 617-382-1956
File details come from the government source that posted it. Updated .